Despite the economic headwinds, the retirement age will begin to shoot up in 2022. Manpower Minister Josephine Teo highlighted they “did not arrive at this date lightly even though towards the later part of our deliberations, it was clear to us that the economic conditions have changed quite considerably.” All that is left for us to do is to adapt to the recent changes in the retirement age and CPF contributions. INCREASED MOM RETIREMENT AGE Foresee a gradual increase in
Have you ever wondered how much money do we need in our silver years to be able to afford our desired lifestyles? Most adults would be relying solely on their CPF funds to finance their retirement. Asset-rich but cash poor retirees could be thinking of renting their HDB flats out to supplement their retirement funds. There are indeed several ways to build up our retirement income. However, we must be mindful of avoiding some of the dangerous assumptions when planning
Some Chinese parents that are steeped in Confucian values often see their children as the main source of retirement funds. This can be a stressful burden to carry, especially if you are a young adult struggling with multiple financial commitments. Therefore, I have devoted a considerable amount of time learning how to grow my parents’ retirement funds and minimise household expenses. So here are 4 ways that your parents can also grow their retirement savings. Minimise Expenses Via Various Senior
Singapore’s public and private hospitals offer some of the world’s most exceptional healthcare services. The only drawback is the rising healthcare costs of about 8-9% each year. Other countries are embracing this upward trend due to the global inflation. The question now is: “How will you save for future healthcare costs?” CREATE A SEPARATE SAVINGS ACCOUNT If you have a trusted financial advisor in your network, discuss about the feasibility of opening a separate savings account for your healthcare costs.
WHAT IS UNIT TRUST EXACTLY? A Unit Trust follows an unincorporated mutual fund or trust structure that allows funds to hold assets and pass profits thru the individual owners. Money is pooled with the money from other investors and it is managed by a fund manager. The portfolio of assets is set according to the fund’s investment strategy and objective. Hence the success of a unit trust depends on the capabilities, expertise, and experience of the management company. In